Archive for February, 2008

European Stocks Decline

Wednesday, February 13th, 2008

European stocks declined today after ABB Ltd.’s (the world’s largest maker of power networks) chief executive left the company, and ThyssenKrupp AG’s profit and Dassault Systemes SA’s sales did not meet expectations from investors. Germany’s DAX lost 0.6 percent, the British FTSE 100 fell 1 percent, and France’s CAC 40 dropped 0.6 percent. Investors are anxiously waiting to see how big the expected economic slowdown in the United States and United Kingdom will be. Major stock indexes are not expected to perform much better in the next 6 months.

Feb. 13 (Bloomberg) — European stocks fell after ABB Ltd.’s chief executive officer unexpectedly left and ThyssenKrupp AG’s profit and Dassault Systemes SA’s sales disappointed investors. U.S. index futures rose, and Asian markets were little changed.

ABB, the world’s largest maker of power networks, and software maker Dassault Systemes sank the most in more than three years. Bradford & Bingley Plc tumbled 10 percent after the U.K.’s biggest lender to landlords said profit in 2007 declined by almost half and a report showed the nation’s housing-market slump worsened. Coca-Cola Co. gained in Frankfurt.

The Dow Jones Stoxx 600 Index lost 0.6 percent to 321.19 at 12:32 p.m. in London, extending this year’s drop to 12 percent on concern an economic slowdown and financial-market turmoil will curb earnings. Futures on the Standard & Poor’s 500 Index added 0.3 percent, and the MSCI Asia Pacific Index fell 0.2 percent.

Click here for the full article at BloomBerg.com.

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Shanghai Composite Index Up Sharply

Monday, February 4th, 2008

The leading Chinese index, the Shanghai Composite Index, surged in early Monday morning trade today, mainly due to a rally on Wall Street on Friday, and improving weather in China. The index rose almost 270 points, over 6 percent, to close at 4590.12. China has been plagued by the worst snowstorms in 5 decades, causing chaos and financial losses in the billions of dollars. Other Asian markets followed the Chinese example, all opening higher.

Chinese shares surged sharply in morning trade on Monday following a rally on the Wall Street and news of improving weather in the country’s snow-hit regions.

The benchmark Shanghai Composite Index rose 269.35 points, or 6.23 percent, to close at 4,590.12 points in the morning session. On last Friday, the index lost 1.43 percent to 4,320.77, the lowest closing in six months.

The Shenzhen Component Index ended up 1,063.88 points, or 6.74 percent, to 16,840.75.

Read the full article here.

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